German Court Rejects Legal Challenge of Decisions Made at Deutche Bank Meeting

   By Ulrike Dauer 
 

FRANKFURT--A German court Tuesday rejected legal challenges to decisions made at Deutsche Bank AG's (DB) extraordinary shareholders meeting in April of this year, according to the court ruling seen by The Wall Street Journal.

The court, the regional court in Hesse based in Frankfurt, ruled that no formal errors were made at the meeting.

Shareholder representatives for Kirch Media Group, which has been in a decadelong legal battle with Deutsche Bank involving civil and criminal proceedings, had challenged the decisions, claiming "formal errors" had been made at the meeting.

Kirch, which can appeal the decision, wants to review the written court ruling before making a decision, said a spokesman. A spokesman for Deutsche Bank said it is satisfied with the decision.

Deutsche Bank was forced to call the meeting April 11, to comply with a German court ruling that several shareholder votes cast at the previous annual shareholders meeting in May 2012 were invalid, including the election of the bank's supervisory board chairman.

On Dec. 17, the same court is expected to rule on the challenge to this year's regular annual general meeting votes by shareholder representatives of Kirch.

Heirs to former German media mogul Leo Kirch claim Deutsche Bank bears some of the blame for its 2002 insolvency due to interview comments made by then Deutsche Bank Chief Executive Rolf Breuer. Kirch is demanding billions of euros in compensation. A Munich appeals court ruled in December that Deutsche Bank bears some liability for the insolvency but has yet to set compensation.

Write to Ulrike Dauer at [e-mail]; Twitter: @UlrikeDauer